Looks like the pressure relief valve was triggered. Arg. and Brazil have few issues, a little dryness NE Brazil and now some localized flooding in Argie. Guess a week can make all the difference. US Hogs were higher than expected, but in the big picture it isn’t enough to alter the long term stocks building, especially with the SA crop that is on tap. The bigger issue to watch is what is happening in the EU again. As the oldest bank continues to reveal that they are in worse condition than expected, some other countries will continue to slip in that direction as well. The strength of the US$ isn’t just about a new president and one could say it may have less to do with the election and more to do with our stability. Bitcoin is also seeing an odd move to strength that could easily be related to fears in other countries and a flight to “safety” especially for those wanting some privacy. We should see some more liquidation this week and year end evening of positions by funds. Friday is first notice day so be out of longs in the complex Jan. contracts by the close Thursday. Look for the rally to see some selling, but with a lot of absentee traders this week, moves can be volatile.
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